Malaysia Calls For Resetting Economic Policies Amid Global Transformations
(MENAFN- Kuwait News Agency (KUNA))
KUALA LUMPUR, Jan 9 (KUNA) -- Malaysian Prime Minister Anwar Ibrahim on Thursday called for benefiting from the decline in traditional systems amid global transformations in the economic system to reset economic policies towards more just and effective multilateralism.
Ibrahim said in his opening speech at the Malaysian Economic Forum 2025 that with end of traditional economic dominance era, where a limited elite group controlled the global economy, and with major countries withdrawing to economic isolation to protect their markets, lies a rare opportunity in resetting economic policies.
He pointed to the growing role of the Southeast Asian region coinciding with Malaysia assuming the Association of Southeast Asian Nations (ASEAN) presidency, where the association is expected to become the fourth largest economic bloc in the world thanks to the rapid growth of the middle class and the strengthening of regional influence, benefiting from cooperation with China and India.
Ibrahiim reviewed the achievements made by his government since 2022, including achieving rare political and economic stability and launching progressive economic policies, noting Malaysia's success in controlling inflation, reducing unemployment and achieving currency stability in 2024 with the influx of foreign investments in areas such as renewable energy and semiconductors.
He presented his vision for achieving a "humane economy for social justice," stressing the importance of combining economic growth with promoting social justice by presenting innovative development models, adhering to the fundamentals of a strong economy.
The forum discussed vital topics, including driving innovation and advanced manufacturing, focusing on Malaysia's role in facing global competition around technological challenges, in addition to discussing fiscal and monetary policies, energy transition, and regional cooperation dynamics in ASEAN.
The discussions also highlighted educational reform to bridge the gap between rural and urban areas to improve it, in addition to ways of addressing multidimensional poverty and promote social justice.
The Malaysian Economic Forum 2025, held Thursday, aims to develop clear strategies to address current economic challenges and plan for the future. (end)
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